Invesco Developing Markets Fund

Prospectus February 28, 2014 Class: A (GTDDX), B (GTDBX), C (GTDCX), Y (GTDYX) Invesco Developing Markets Fund Go Paperless with edelivery Visit invesco.com/edelivery

Prospectus February 28, 2014 Class: A (GTDDX), B (GTDBX), C (GTDCX), Y (GTDYX) Invesco Developing Markets Fund Invesco Developing Markets Fund s investment objective is long-term growth of capital. As with all other mutual fund securities, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or determined whether the information in this prospectus is adequate or accurate. Anyone who tells you otherwise is committing a crime. An investment in the Fund: is not FDIC insured; may lose value; and is not guaranteed by a bank. As of the close of business on November 22, 2010, the Fund limited public sales of its shares to certain investors.

Table of Contents... Fund Summary 1... Investment Objective(s), Strategies, Risks and Portfolio Holdings 3... Fund Management 5 The Adviser(s) 5 Adviser Compensation 5 Portfolio Managers 6... Other Information 6 Sales Charges 6 Dividends and Distributions 6 Limited Fund Offering 6... Benchmark Descriptions 6... Financial Highlights 7... Hypothetical Investment and Expense Information 8... Shareholder Account Information A-1 Choosing a Share Class A-1 Share Class Eligibility A-2 Distribution and Service (12b-1) Fees A-3 Initial Sales Charges (Class A Shares Only) A-3 Contingent Deferred Sales Charges (CDSCs) A-5 Purchasing Shares A-6 Redeeming Shares A-7 Exchanging Shares A-9 Rights Reserved by the Funds A-10 Excessive Short-Term Trading Activity (Market Timing) Disclosures A-10 Pricing of Shares A-11 Taxes A-12 Payments to Financial Intermediaries A-14 Important Notice Regarding Delivery of Security Holder Documents A-15... Obtaining Additional Information Back Cover Invesco Developing Markets Fund

Fund Summary Investment Objective(s) The Fund s investment objective is long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Invesco Funds. More information about these and other discounts is available from your financial professional and in the section Shareholder Account Information Initial Sales Charges (Class A Shares Only) on page A-3 of the prospectus and the section Purchase, Redemption and Pricing of Shares-Purchase and Redemption of Shares on page L-1 of the statement of additional information (SAI). Shareholder Fees (fees paid directly from your investment) Class: A B C Y Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) None 5.00% 1.00% None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class: A B C Y Management Fees 0.87% 0.87% 0.87% 0.87% Distribution and/or Service (12b-1) Fees 0.25 1.00 1.00 None Other Expenses 0.28 0.28 0.28 0.28 Acquired Fund Fees and Expenses 0.02 0.02 0.02 0.02 Total Annual Fund Operating Expenses 1.42 2.17 2.17 1.17 Fee Waiver and/or Expense Reimbursement 1 0.02 0.02 0.02 0.02 Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.40 2.15 2.15 1.15 1 Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of the Fund s management fee in an amount equal to the net management fee that Invesco earns on the Fund s investments in certain affiliated funds. This waiver will have the effect of reducing the Acquired Fund Fees and Expenses that are indirectly borne by the Fund. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2015. The fee waiver agreement cannot be terminated during its term. Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1 Year 3 Years 5 Years 10 Years Class A $685 $973 $1,282 $2,157 Class B $718 $977 $1,363 $2,311 Class C $318 $677 $1,163 $2,502 Class Y $117 $370 $ 642 $1,419 You would pay the following expenses if you did not redeem your shares: 1 Year 3 Years 5 Years 10 Years Class A $685 $973 $1,282 $2,157 Class B $218 $677 $1,163 $2,311 Class C $218 $677 $1,163 $2,502 Class Y $117 $370 $ 642 $1,419 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 14% of the average value of its portfolio. Principal Investment Strategies of the Fund The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of issuers in developing countries, i.e., those that are in the initial stages of their industrial cycles, and in derivatives and other instruments that have economic characteristics similar to such securities. Developing countries are those countries in the world other than the United States of America, Canada, Japan, Australia, New Zealand, Iceland, Norway, Switzerland, Hong Kong, Singapore, Israel and the developed countries of the European Union. A complete list of developed countries of the European Union can be found in the Fund s SAI. The Fund uses various criteria to determine whether an issuer is in a developing country, including whether (1) it is organized under the laws of a developing country; (2) it has a principal office in a developing country; (3) it derives 50% or more of its total revenues from business in a developing country; or (4) its securities are trading principally on a security exchange, or in an over-the-counter market, in a developing country. The Fund invests primarily in equity securities and depositary receipts. The principal types of equity securities in which the Fund invests are common and preferred stock. The Fund invests primarily in securities of issuers that are considered by the Fund s portfolio managers to have potential for earnings or revenue growth. The Fund may invest in the securities of issuers of all capitalization sizes; however, the Fund may invest a significant amount of its net assets in the securities of small- and mid-capitalization issuers. The Fund may invest up to 100% of its net assets in foreign securities, including securities of issuers in developing countries. Currently the Fund is unable to trade in local shares of Indian companies. The Fund can invest in derivative instruments including forward foreign currency contracts and futures contracts. The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund can use futures contracts to gain exposure to the broad market in connection with managing cash balances or to hedge against downside risk. The portfolio managers employ a disciplined investment strategy that emphasizes fundamental research to identify quality growth companies and is supported by quantitative analysis, portfolio construction and risk management techniques. Investments for the portfolio are selected bottom-up on a security-by-security basis. The focus is on the strengths of individual issuers, rather than sector or country trends. The portfolio managers strategy primarily focuses on identifying issuers that they believe have sustainable above-average earnings growth, efficient capital allocation, and attractive prices. 1 Invesco Developing Markets Fund

The Fund s portfolio managers may consider selling a security for several reasons, including when (1) its price changes such that they believe it has become too expensive; (2) the original investment thesis for the company is no longer valid, or (3) a more compelling investment opportunity is identified. Principal Risks of Investing in the Fund As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund are: Depositary Receipts Risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities. Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. Developing/Emerging Markets Securities Risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, delays in settlement, adverse political developments, the introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, war or lack of timely information than those in developed countries. Foreign Securities Risk. The Fund s foreign investments may be affected by changes in a foreign country s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies. Geographic Focus Risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries. Growth Investing Risk. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile. Management Risk. The investment techniques and risk analysis used by the Fund s portfolio managers may not produce the desired results. Market Risk. The prices of and the income generated by the Fund s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Small- and Mid-Capitalization Risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price. Performance Information The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December 31. The performance table compares the Fund s performance to that of a broad-based securities market benchmark, a style specific benchmark and a peer group benchmark comprised of funds with investment objectives and strategies similar to the Fund. For more information on the benchmarks used see the Benchmark Descriptions section in the prospectus. The Fund s past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information is available on the Fund s Web site at www.invesco.com/us. Annual Total Returns The bar chart does not reflect sales loads. If it did, the annual total returns shown would be lower. 100% 75% 50% 25% 0% -25% -50% -75% 04 05 06 07 08 09 10 11 12 13 27.62% 35.47% 38.83% 32.79% (52.58)% 83.52% 21.33% (11.34)% 19.52% (3.22)% Best Quarter (ended June 30, 2009): 39.04% Worst Quarter (ended December 31, 2008): -28.88% 2 Invesco Developing Markets Fund

Average Annual Total Returns (for the periods ended December 31, 2013) 1 Year 5 Years 10 Years Class A shares: Inception (1/11/1994) Return Before Taxes -8.54% 16.63% 12.55% Return After Taxes on Distributions -8.62 16.48 12.36 Return After Taxes on Distributions and Sale of Fund Shares -4.45 13.69 10.73 Class B shares: Inception (11/3/1997) -8.73 16.87 12.54 Class C shares: Inception (3/1/1999) -4.91 17.08 12.38 Class Y shares 1 : Inception (10/3/2008) -2.96 18.26 13.34 MSCI EAFE Index 22.78 12.44 6.91 MSCI Emerging Markets Index SM -2.60 14.79 11.17 Lipper Emerging Market Funds Index -1.29 15.17 10.65 1 Class Y shares performance shown prior to the inception date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares. Class A shares performance reflects any applicable fee waivers or expense reimbursements. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary. Management of the Fund Investment Adviser: Invesco Advisers, Inc. Portfolio Managers Title Length of Service on the Fund Shuxin Cao Portfolio Manager (lead) 2003 Borge Endresen Portfolio Manager (lead) 2003 Brent Bates Portfolio Manager 2014 Mark Jason Portfolio Manager 2009 Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser, through our Web site at www.invesco.com/us, by mail to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078, or by telephone at 800-959-4246. New or additional investments in Class B shares are not permitted. The minimum investments for Class A, C and Y shares for fund accounts are as follows: Type of Account Initial Investment Per Fund Additional Investments Per Fund Asset or fee-based accounts managed by your financial adviser None None Employer Sponsored Retirement and Benefit Plans and Employer Sponsored IRAs None None IRAs and Coverdell ESAs if the new investor is purchasing shares through a systematic purchase plan $25 $25 All other types of accounts if the investor is purchasing shares through a systematic purchase plan 50 50 IRAs and Coverdell ESAs 250 25 All other accounts 1,000 50 Tax Information The Fund s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, in which case your distributions generally will be taxed when withdrawn from the tax-deferred account. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund s distributor or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson or financial adviser to recommend the Fund over another investment. Ask your salesperson or financial adviser or visit your financial intermediary s Web site for more information. Investment Objective(s), Strategies, Risks and Portfolio Holdings Objective(s) and Strategies The Fund s investment objective is long-term growth of capital. The Fund s investment objective may be changed by the Board of Trustees (the Board) without shareholder approval. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of issuers in developing countries, i.e., those that are in the initial stages of their industrial cycles, and in derivatives and other instruments that have economic characteristics similar to such securities. Developing countries are those countries in the world other than the United States of America, Canada, Japan, Australia, New Zealand, Iceland, Norway, Switzerland, Hong Kong, Singapore, Israel and the developed countries of the European Union. A complete list of developed countries of the European Union can be found in the Fund s SAI. The Fund uses various criteria to determine whether an issuer is in a developing country, including whether (1) it is organized under the laws of a developing country; (2) it has a principal office in a developing country; (3) it derives 50% or more of its total revenues from business in a developing country; or (4) its securities are trading principally on a security exchange, or in an over-the-counter market, in a developing country. The Fund invests primarily in equity securities and depositary receipts. The principal types of equity securities in which the Fund invests are common and preferred stock. A depositary receipt is generally issued by a bank or financial institution and represents an ownership interest in the common stock or other equity securities of a foreign company. The Fund invests primarily in securities of issuers that are considered by the Fund s portfolio managers to have potential for earnings or revenue growth. The Fund may invest in the securities of issuers of all capitalization sizes; however, the Fund may invest a significant amount of its net assets in the securities of small- and mid-capitalization issuers. The Fund considers an issuer to be a small-capitalization issuer if it has a market capitalization, at the time of purchase, no larger than the largest capitalized issuer included in the Russell 2000 Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. As of October 31, 2013, the capitalization of companies in the Russell 2000 Index ranged from $34 million to $5 billion. The Fund considers an issuer to be a mid-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized companies included in the Russell Midcap Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. As of October 31, 2013, the capitalization of companies in the Russell Midcap Index ranged from $364.3 million to $28.4 billion. The Fund may invest up to 100% of its net assets in foreign securities, including securities of issuers in developing countries. The Schedule of Investments included in the Fund s annual and semi-annual reports identifies the countries in which the Fund has historically invested, as of the 3 Invesco Developing Markets Fund

date of the reports. Currently the Fund is unable to trade in local shares of Indian companies. The Fund can invest in derivative instruments including forward foreign currency contracts and futures contracts. A forward foreign currency contract is an agreement between parties to exchange a specified amount of currency at a specified future time at a specified rate. The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. A futures contract is a standardized agreement between two parties to buy or sell a specified quantity of an underlying asset at a specified price at a specified future time. The value of the futures contract tends to increase and decrease in tandem with the value of the underlying asset. Futures contracts are bilateral agreements, with both the purchaser and the seller equally obligated to complete the transaction. Depending on the terms of the particular contract, futures contracts are settled by purchasing an offsetting contract, physically delivering the underlying asset on the settlement date or paying a cash settlement amount on the settlement date. The Fund can use futures contracts to gain exposure to the broad market in connection with managing cash balances or to hedge against downside risk. The portfolio managers employ a disciplined investment strategy that emphasizes fundamental research to identify quality growth companies and is supported by quantitative analysis, portfolio construction and risk management techniques. Investments for the portfolio are selected bottom-up on a security-by-security basis. The focus is on the strengths of individual issuers, rather than sector or country trends. The portfolio managers strategy primarily focuses on identifying issuers that they believe have sustainable above-average earnings growth, efficient capital allocation, and attractive prices. The Fund s portfolio managers may consider selling a security for several reasons, including when (1) its price changes such that they believe it has become too expensive; (2) the original investment thesis for the company is no longer valid, or (3) a more compelling investment opportunity is identified. In anticipation of or in response to market, economic, political, or other conditions, the Fund s portfolio managers may temporarily use a different investment strategy for defensive purposes. If the Fund s portfolio managers do so, different factors could affect the Fund s performance and the Fund may not achieve its investment objective. The Fund s investments in the types of securities described in this prospectus vary from time to time, and, at any time, the Fund may not be invested in all of the types of securities described in this prospectus. The Fund may also invest in securities and other investments not described in this prospectus. For more information, see Description of the Funds and Their Investments and Risks in the Fund s SAI. Risks The principal risks of investing in the Fund are: Depositary Receipts Risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities. Derivatives Risk. A derivative is an instrument whose value depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, which are described below. Counterparty Risk. Certain derivatives do not trade on an established exchange (referred to as over-the-counter (OTC) derivatives) and are simply financial contracts between the Fund and a counterparty. When the Fund is owed money on an OTC derivative, the Fund is dependent on the counterparty to pay or, in some cases, deliver the underlying asset, unless the Fund can otherwise sell its derivative contract to a third party prior to its expiration. Many counterparties are financial institutions such as banks and broker-dealers and their creditworthiness (and ability to pay or perform) may be negatively impacted by factors affecting financial institutions generally. In addition, in the event that a counterparty becomes bankrupt or insolvent, the Fund s ability to recover the collateral that the Fund has on deposit with the counterparty could be delayed or impaired. For derivatives traded on a centralized exchange, the Fund generally is dependent upon the solvency of the relevant exchange clearing house (which acts as a guarantor for each contractual obligation under such derivatives) for payment on derivative instruments for which the Fund is owed money. Leverage Risk. Many derivatives do not require a payment up front equal to the economic exposure created by owning the derivative, which creates a form of leverage. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative. Leverage may therefore make the Fund s returns more volatile and increase the risk of loss. The Fund segregates or earmarks liquid assets with a value at least equal to the amount that the Fund owes the derivative counterparty each day, if any, or otherwise holds instruments that offset the Fund s daily obligation under the derivatives instrument. This process is sometimes referred to as cover. The amount of liquid assets needed as cover will fluctuate over time as the value of the derivative instrument rises and falls. If the value of the Fund s derivative positions or the value of the assets used as cover unexpectedly decreases, the Fund may be forced to segregate additional liquid assets as cover or sell assets at a disadvantageous time or price to meet its derivative obligations or to meet redemption requests, which could affect management of the Fund and the Fund s returns. In certain market conditions, losses on derivative instruments can grow larger while the value of the Fund s other assets fall, resulting in the Fund s derivative positions becoming a larger percentage of the Fund s investments. Liquidity Risk. There is a smaller pool of buyers and sellers for certain derivatives, particularly OTC derivatives, than more traditional investments such as stocks. These buyers and sellers are often financial institutions that may be unable or unwilling to buy or sell derivatives during times of financial or market stress. Derivative instruments may therefore be less liquid than more traditional investments and the Fund may be unable to sell or exit its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. To the extent that the Fund is unable to exit a derivative position because of market illiquidity, the Fund may not be able to prevent further losses of value in its derivatives holdings and the liquidity of the Fund and its ability to meet redemption requests may be impaired to the extent that a substantial portion of the Fund s otherwise liquid assets must be used as margin or cover. Another consequence of illiquidity is that the Fund may be required to hold a derivative instrument to maturity and take or make delivery of the underlying asset that the Adviser would otherwise have attempted to avoid. Other Risks. Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient, as described under the Taxes section of the prospectus. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund s taxable income or gains, and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which 4 Invesco Developing Markets Fund

could make the investment strategy more costly to implement or require the Fund to change its investment strategy. To the extent that the Fund uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Fund may not realize the intended benefits. There is also the risk that during adverse market conditions, an instrument which would usually operate as a hedge provides no hedging benefits at all. The Fund s use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company. Developing/Emerging Markets Securities Risk. The prices of securities issued by foreign companies and governments located in developing/emerging markets countries may be impacted by certain factors more than those in countries with mature economies. For example, developing/emerging markets countries may experience higher rates of inflation or sharply devalue their currencies against the U.S. dollar, thereby causing the value of investments issued by the government or companies located in those countries to decline. Governments in developing/emerging markets may be relatively less stable. The introduction of capital controls, withholding taxes, nationalization of private assets, expropriation, social unrest, or war may result in adverse volatility in the prices of securities or currencies. Other factors may include additional transaction costs, delays in settlement procedures, and lack of timely information. Foreign Securities Risk. The dollar value of the Fund s foreign investments may be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded. The value of the Fund s foreign investments may be adversely affected by political and social instability in their home countries, by changes in economic or taxation policies in those countries, or by the difficulty in enforcing obligations in those countries. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls. As a result, there generally is less publicly available information about foreign companies than about U.S. companies. Trading in many foreign securities may be less liquid and more volatile than U.S. securities due to the size of the market or other factors. Geographic Focus Risk. From time to time the Fund may invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. If the Fund focuses its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund s investment performance may also be more volatile if it focuses its investments in certain countries, especially emerging markets countries. Growth Investing Risk. Growth stocks can perform differently from the market as a whole. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile. Management Risk. The investment techniques and risk analysis used by the Fund s portfolio managers may not produce the desired results. Market Risk. The prices of and the income generated by the Fund s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer s capital structure, subjecting them to a greater risk of non-payment than more senior securities. In addition, in certain circumstances, an issuer of preferred securities may redeem the securities prior to a specified date, and this may negatively impact the return of the security. Small- and Mid-Capitalization Risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price. Exclusion of Adviser from Commodity Pool Operator Definition With respect to the Fund, the Adviser has claimed an exclusion from the definition of commodity pool operator (CPO) under the Commodity Exchange Act (CEA) and the rules of the Commodity Futures Trading Commission (CFTC) and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, the Adviser is relying upon a related exclusion from the definition of commodity trading advisor (CTA) under the CEA and the rules of the CFTC with respect to the Fund. As of January 1, 2013, the terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in commodity interests. Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable forwards. The Fund is permitted to invest in these instruments as further described in the Fund s SAI. However, the Fund is not intended as a vehicle for trading in the commodity futures, commodity options or swaps markets. The CFTC has neither reviewed nor approved the Adviser s reliance on these exclusions, or the Fund, its investment strategies or this prospectus. Portfolio Holdings A description of Fund policies and procedures with respect to the disclosure of Fund portfolio holdings is available in the SAI, which is available at www.invesco.com/us. Fund Management The Adviser(s) Invesco Advisers, Inc. (Invesco or the Adviser) serves as the Fund s investment adviser. The Adviser manages the investment operations of the Fund as well as other investment portfolios that encompass a broad range of investment objectives, and has agreed to perform or arrange for the performance of the Fund s day-to-day management. The Adviser is located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. The Adviser, as successor in interest to multiple investment advisers, has been an investment adviser since 1976. Adviser Compensation During the fiscal year ended October 31, 2013, the Adviser received compensation of 0.85% of Invesco Developing Markets Fund s average daily net assets, after fee waiver and/or expense reimbursement. A discussion regarding the basis for the Board s approval of the investment advisory agreement and investment sub-advisory agreements of the Fund is available in the Fund s most recent annual report to shareholders for the twelve-month period ended October 31. 5 Invesco Developing Markets Fund

Portfolio Managers The following individuals are jointly and primarily responsible for the day-to-day management of the Fund s portfolio: Shuxin Cao, (lead manager with respect to the Fund s investments in Asia Pacific and Latin America), Portfolio Manager, who has been responsible for the Fund since 2003 and has been associated with Invesco and/or its affiliates since 1997. Borge Endresen, (lead manager with respect to the Fund s investments in Europe, Africa and the Middle East), Portfolio Manager, who has been responsible for the Fund since 2003 and has been associated with Invesco and/or its affiliates since 1999. Brent Bates, Portfolio Manager, who has been responsible for the Fund since 2014 and has been associated with Invesco and/or its affiliates since 1996. Mark Jason, Portfolio Manager, who has been responsible for the Fund since 2009 and has been associated with Invesco and/or its affiliates since 2001. A lead manager generally has final authority over all aspects of a portion of the Fund s investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings. The degree to which a lead manager may perform these functions, and the nature of these functions, may change from time to time. More information on the portfolio managers may be found at www.invesco.com/us. The Web site is not part of this prospectus. The Fund s SAI provides additional information about the portfolio managers investments in the Fund, a description of the compensation structure and information regarding other accounts managed. Other Information Sales Charges Purchases of Class A shares of Invesco Developing Markets Fund are subject to the maximum 5.50% initial sales charge as listed under the heading Category I Initial Sales Charges in the Shareholder Account Information Initial Sales Charges (Class A Shares Only) section of this prospectus. New or additional investments in Class B shares are no longer permitted; but investors may pay a Category I contingent deferred sales charge (CDSC) if they redeem their shares within a specified number of years after purchase, as listed under the heading CDSCs on Class B Shares in the Shareholder Account Information Contingent Deferred Sales Charges (CDSCs) section of the prospectus. Purchases of Class C shares are subject to a CDSC. For more information on CDSCs, see the Shareholder Account Information Contingent Deferred Sales Charges (CDSCs) section of this prospectus. Dividends and Distributions The Fund expects, based on its investment objective and strategies, that its distributions, if any, will consist of ordinary income, capital gains, or some combination of both. Dividends The Fund generally declares and pays dividends from net investment income, if any, annually. Capital Gains Distributions The Fund generally distributes long-term and short-term capital gains (net of any available capital loss carryovers), if any, at least annually. Capital gains distributions may vary considerably from year to year as a result of the Fund s normal investment activities and cash flows. During a time of economic volatility, a fund may experience capital losses and unrealized depreciation in value of investments, the effect of which may be to reduce or eliminate capital gains distributions for a period of time. Even though a fund may experience a current year loss, it may nonetheless distribute prior year capital gains. Limited Fund Offering Effective as of the close of business on November 22, 2010, the Fund closed to new investors. Investors should note that the Fund reserves the right to refuse any order that might disrupt the efficient management of the Fund. Investors who were invested in the Fund on or prior to November 22, 2010 may continue to make additional purchases in their accounts. Any retirement plan may continue to make additional purchases of Fund shares and may add new accounts at the plan level that may purchase Fund shares if the retirement plan had invested in the Fund as of November 22, 2010. Any brokerage firm wrap program may continue to make additional purchases of Fund shares and may add new accounts at the program level that may purchase Fund shares if the brokerage firm wrap program had invested in the Fund as of November 22, 2010. The Fund may resume sale of shares to new investors on a future date if the Adviser determines it is appropriate. Benchmark Descriptions Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper. MSCI EAFE Index is an unmanaged index considered representative of stocks in Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. MSCI Emerging Markets Index SM is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. 6 Invesco Developing Markets Fund

Financial Highlights The financial highlights show the Fund s financial history for the past five fiscal years or, if shorter, the period of operations of the Fund or any of its share classes. The financial highlights table is intended to help you understand the Fund s financial performance. Certain information reflects financial results for a single Fund share. Class R5 and Class R6 are not offered in this prospectus. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose report, along with the Fund s financial statements, is included in the Fund s annual report, which is available upon request. Net asset value, beginning of period Net investment income (a) Net gains (losses) on securities (both realized and unrealized) (b) Total from investment operations Dividends from net investment income Distributions from net realized gains Total distributions Net asset value, end of period Total return (c) Net assets, end of period (000 s omitted) Ratio of expenses to average net assets with fee waivers and/or expenses absorbed Ratio of expenses to average net assets without fee waivers and/or expenses absorbed Ratio of net investment income to average net assets Portfolio turnover (d) Class A Year ended 10/31/13 $32.70 $0.30 $ 1.66 $ 1.96 $(0.24) $ $(0.24) $34.42 6.03% $1,494,412 1.38% (e) 1.40% (e) 0.89% (e) 14% Year ended 10/31/12 30.38 0.29 2.86 3.15 (0.23) (0.60) (0.83) 32.70 10.72 1,371,476 1.44 1.45 0.93 19 Year ended 10/31/11 33.15 0.36 (2.87) (2.51) (0.23) (0.03) (0.26) 30.38 (7.62) 1,388,008 1.45 1.47 1.11 17 Year ended 10/31/10 25.61 0.33 7.54 7.87 (0.33) (0.33) 33.15 31.04 1,355,604 1.52 1.53 1.17 22 Year... ended 10/31/09 16.28 0.27 9.80 10.07 (0.33) (0.41) (0.74) 25.61 65.27 904,273 1.66 1.71 1.35 28 Class B Year ended 10/31/13 31.66 0.04 1.61 1.65 33.31 5.21 44,403 2.13 (e) 2.15 (e) 0.14 (e) 14 Year ended 10/31/12 29.42 0.06 2.78 2.84 (0.60) (0.60) 31.66 9.89 59,539 2.19 2.20 0.18 19 Year ended 10/31/11 32.16 0.11 (2.78) (2.67) (0.04) (0.03) (0.07) 29.42 (8.30) 71,066 2.20 2.22 0.36 17 Year ended 10/31/10 24.92 0.12 7.33 7.45 (0.21) (0.21) 32.16 30.07 60,657 2.27 2.28 0.42 22 Year... ended 10/31/09 15.69 0.11 9.59 9.70 (0.06) (0.41) (0.47) 24.92 64.01 49,822 2.41 2.46 0.60 28 Class C Year ended 10/31/13 31.62 0.04 1.61 1.65 33.27 5.22 168,313 2.13 (e) 2.15 (e) 0.14 (e) 14 Year ended 10/31/12 29.38 0.06 2.78 2.84 (0.60) (0.60) 31.62 9.90 189,142 2.19 2.20 0.18 19 Year ended 10/31/11 32.12 0.11 (2.78) (2.67) (0.04) (0.03) (0.07) 29.38 (8.31) 213,879 2.20 2.22 0.36 17 Year ended 10/31/10 24.89 0.12 7.32 7.44 (0.21) (0.21) 32.12 30.07 222,634 2.27 2.28 0.42 22 Year... ended 10/31/09 15.67 0.11 9.58 9.69 (0.06) (0.41) (0.47) 24.89 64.03 139,845 2.41 2.46 0.60 28 Class Y Year ended 10/31/13 32.83 0.38 1.66 2.04 (0.32) (0.32) 34.55 6.27 1,175,003 1.13 (e) 1.15 (e) 1.14 (e) 14 Year ended 10/31/12 30.50 0.37 2.87 3.24 (0.31) (0.60) (0.91) 32.83 11.01 729,007 1.19 1.20 1.18 19 Year ended 10/31/11 33.26 0.44 (2.88) (2.44) (0.29) (0.03) (0.32) 30.50 (7.39) 364,320 1.20 1.22 1.36 17 Year ended 10/31/10 25.66 0.41 7.56 7.97 (0.37) (0.37) 33.26 31.41 203,884 1.27 1.28 1.42 22 Year... ended 10/31/09 16.29 0.37 9.75 10.12 (0.34) (0.41) (0.75) 25.66 65.56 52,993 1.41 1.46 1.60 28 Class R5 Year ended 10/31/13 32.80 0.42 1.67 2.09 (0.37) (0.37) 34.52 6.43 666,769 1.01 (e) 1.03 (e) 1.26 (e) 14 Year ended 10/31/12 30.48 0.42 2.86 3.28 (0.36) (0.60) (0.96) 32.80 11.19 513,884 1.03 1.04 1.34 19 Year ended 10/31/11 33.22 0.49 (2.87) (2.38) (0.33) (0.03) (0.36) 30.48 (7.24) 472,161 1.02 1.04 1.54 17 Year ended 10/31/10 25.63 0.48 7.52 8.00 (0.41) (0.41) 33.22 31.59 309,491 1.11 1.12 1.58 22 Year... ended 10/31/09 16.40 0.37 9.77 10.14 (0.50) (0.41) (0.91) 25.63 66.01 32,279 1.17 1.19 1.84 28 Class R6 Year ended 10/31/13 32.81 0.44 1.66 2.10 (0.39) (0.39) 34.52 6.46 154,375 0.97 (e) 0.99 (e) 1.30 (e) 14 Year... ended 10/31/12 (f) 32.73 0.05 0.03 0.08 32.81 0.24 122,749 0.96 (g) 0.98 (g) 1.41 (g) 19 (a) Calculated using average shares outstanding. (b) Includes redemption fees added to shares of beneficial interest for Class A, Class B, Class C, Class Y and Class R5 shares, which were less than $0.005 per share for the fiscal years ended October 31, 2012 and prior. (c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. (d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $179,562,130 and sold of $23,686,059 in the effort to realign the Fund s portfolio holdings after the reorganization of Invesco Van Kampen Emerging Markets Fund into the Fund. (e) Ratios are based on average daily net assets (000 s) of $1,432,574, $52,247, $181,011, $954,515, $621,916 and $133,400 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively. (f) Commencement date of September 24, 2012. (g) Annualized. 7 Invesco Developing Markets Fund

Hypothetical Investment and Expense Information In connection with the final settlement reached between Invesco and certain of its affiliates with certain regulators, including the New York Attorney General s Office, the SEC and the Colorado Attorney General s Office (the settlement) arising out of certain market timing and unfair pricing allegations made against Invesco and certain of its affiliates, Invesco and certain of its affiliates agreed, among other things, to disclose certain hypothetical information regarding investment and expense information to Fund shareholders. The chart below is intended to reflect the annual and cumulative impact of the Fund s expenses, including investment advisory fees and other Fund costs, on the Fund s returns over a 10-year period. The example reflects the following: You invest $10,000 in the Fund and hold it for the entire 10-year period; Your investment has a 5% return before expenses each year; The Fund s current annual expense ratio includes any applicable contractual fee waiver or expense reimbursement for the period committed; Hypotheticals both with and without any applicable initial sales charge applied; and There is no sales charge on reinvested dividends. There is no assurance that the annual expense ratio will be the expense ratio for the Fund classes for any of the years shown. This is only a hypothetical presentation made to illustrate what expenses and returns would be under the above scenarios; your actual returns and expenses are likely to differ (higher or lower) from those shown below. Class A (Includes Maximum Sales Charge) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual Expense Ratio 1 1.40% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% Cumulative Return Before Expenses 5.00% 10.25% 15.76% 21.55% 27.63% 34.01% 40.71% 47.75% 55.13% 62.89% Cumulative Return After Expenses (2.10)% 1.41% 5.04% 8.80% 12.69% 16.73% 20.91% 25.23% 29.72% 34.36% End of Year Balance $9,790.20 $10,140.69 $10,503.73 $10,879.76 $11,269.25 $11,672.69 $12,090.58 $12,523.42 $12,971.76 $13,436.15 Estimated... Annual Expenses $ 684.68 $ 141.51 $ 146.58 $ 151.82 $ 157.26 $ 162.89 $ 168.72 $ 174.76 $ 181.02 $ 187.50 Class A (Without Maximum Sales Charge) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual Expense Ratio 1 1.40% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% 1.42% Cumulative Return Before Expenses 5.00% 10.25% 15.76% 21.55% 27.63% 34.01% 40.71% 47.75% 55.13% 62.89% Cumulative Return After Expenses 3.60% 7.31% 11.15% 15.13% 19.25% 23.52% 27.94% 32.52% 37.27% 42.18% End of Year Balance $10,360.00 $10,730.89 $11,115.05 $11,512.97 $11,925.14 $12,352.06 $12,794.26 $13,252.30 $13,726.73 $14,218.14 Estimated... Annual Expenses $ 142.52 $ 149.75 $ 155.11 $ 160.66 $ 166.41 $ 172.37 $ 178.54 $ 184.93 $ 191.55 $ 198.41 Class B 2 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual Expense Ratio 1 2.15% 2.17% 2.17% 2.17% 2.17% 2.17% 2.17% 2.17% 1.42% 1.42% Cumulative Return Before Expenses 5.00% 10.25% 15.76% 21.55% 27.63% 34.01% 40.71% 47.75% 55.13% 62.89% Cumulative Return After Expenses 2.85% 5.76% 8.75% 11.83% 15.00% 18.25% 21.60% 25.04% 29.51% 34.15% End of Year Balance $10,285.00 $10,576.07 $10,875.37 $11,183.14 $11,499.62 $11,825.06 $12,159.71 $12,503.83 $12,951.47 $13,415.13 Estimated... Annual Expenses $ 218.06 $ 226.34 $ 232.75 $ 239.33 $ 246.11 $ 253.07 $ 260.23 $ 267.60 $ 180.73 $ 187.20 Class C 2 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual Expense Ratio 1 2.15% 2.17% 2.17% 2.17% 2.17% 2.17% 2.17% 2.17% 2.17% 2.17% Cumulative Return Before Expenses 5.00% 10.25% 15.76% 21.55% 27.63% 34.01% 40.71% 47.75% 55.13% 62.89% Cumulative Return After Expenses 2.85% 5.76% 8.75% 11.83% 15.00% 18.25% 21.60% 25.04% 28.58% 32.22% End of Year Balance $10,285.00 $10,576.07 $10,875.37 $11,183.14 $11,499.62 $11,825.06 $12,159.71 $12,503.83 $12,857.69 $13,221.56 Estimated... Annual Expenses $ 218.06 $ 226.34 $ 232.75 $ 239.33 $ 246.11 $ 253.07 $ 260.23 $ 267.60 $ 275.17 $ 282.96 Class Y Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual Expense Ratio 1 1.15% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% 1.17% Cumulative Return Before Expenses 5.00% 10.25% 15.76% 21.55% 27.63% 34.01% 40.71% 47.75% 55.13% 62.89% Cumulative Return After Expenses 3.85% 7.83% 11.96% 16.25% 20.70% 25.32% 30.12% 35.10% 40.28% 45.65% End of Year Balance $10,385.00 $10,782.75 $11,195.72 $11,624.52 $12,069.74 $12,532.01 $13,011.99 $13,510.35 $14,027.79 $14,565.06 Estimated... Annual Expenses $ 117.21 $ 123.83 $ 128.57 $ 133.50 $ 138.61 $ 143.92 $ 149.43 $ 155.16 $ 161.10 $ 167.27 1 Your actual expenses may be higher or lower than those shown. 2 The hypothetical assumes you hold your investment for a full 10 years. Therefore, any applicable deferred sales charge that might apply in years one through six for Class B and year one for Class C has not been deducted. 8 Invesco Developing Markets Fund